Mars Capital Finance Ireland DAC -v Farrell & Anor (Approved) [2024] IEHC 277 (26 April 2024)

The CCMA does not require its moratorium protections to reset upon transfer of a loan; compliance by the predecessor lender with CCMA provisions is sufficient for the new lender to rely on for repossession proceedings.

Citation: [2024] IEHC 277
Parties: Plaintiff/respondent: Mars Capital Finance Ireland DAC; Defendant/appellant: Sean Farrell; Defendant/appellant: Veronica Farrell
Jurisdiction: Ireland
Judgment Date: 26 April 2024
Procedural Posture: Appeal / High Court Judgment on Appeal From Circuit Court
Outcome: Defendants' application refused
Legal Topics: Code of Conduct on Mortgage Arrears, Loan Transfer, Repossession Proceedings, Moratorium Period, Borrower Protection

Banking Law Mortgage Law Civil Procedure Code of Conduct on Mortgage Arrears Loan Transfer Repossession Proceedings Moratorium Period Borrower Protection

Case Brief

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Parties

Mars Capital Finance Ireland DAC

Plaintiff/respondent

Sean Farrell

Defendant/appellant

Veronica Farrell

Defendant/appellant

Procedural Posture

Appeal / High Court Judgment on Appeal From Circuit Court

Legal Issues

1 Whether the moratorium protections under the Central Bank of Ireland's 2013 Code of Conduct on Mortgage Arrears reset upon transfer of a loan to a new lender
2 Whether the Plaintiff can rely on predecessor lender's compliance with CCMA provisions for repossession proceedings

Ratio Decidendi

Court Disposition

Defendants' application refused

Orders

Order refusing Defendants the relief sought in paragraph 3 of the Notice of Motion dated 26 October 2023
Matter to be mentioned on 14 May 2024 for costs and ancillary matters